Reliance Money to pay $7.5mn for HK exchange stake

NEW DELHI: Reliance Money, a unit of Reliance Capital, will pay $7.5 mn for a 15 per cent stake in Hong Kong Mercantile Exchange, the unit's chief executive said on Wednesday.

"We haven't paid anything but I guess we will pay $7.5 mn," Sudip Bandyopadhyay, chief executive of Reliance Money, the broking arm of Reliance Capital, told reporters on the sidelines of an industry event.

On Tuesday, Reliance Money said it had bought a 15 per cent stake in Hong Kong Mercantile Exchange for an undisclosed sum to become the second largest shareholder in the commodity exchange.

The Indian firm owns 10 per cent of the smallest Indian commodity derivatives exchange and has sought government approval.